Beiträge von GSP-Komet

NEW YORK (MarketWatch) -- Goldcorp Inc. (GG: goldcorp inc new com) said Thursday second-quarter net income fell to $2.9 million, or breakeven, from $190.4 million, or 49 cents a share in the year-ago period. Adjusted net income fell to $95.3 million, or 14 cents a share, from $136.9 million, or 36 cents a share in the year-ago period. Revenue rose to $567 million from $492 million.

Goldcorp Inc. Q2 revenue $567M vs yr-ago $491.5M - MarketWatch

Goldcorp Inc. Q2 adj jet 14c vs yr-ago 36c - MarketWatch

BILLINGS, Mont., Aug 06, 2007 /PRNewswire-FirstCall via COMTEX/ -- STILLWATER MINING COMPANY (SWC: Stillwater Mining Company) today reported a second quarter 2007 net loss of $2.5 million, or $0.03 per fully diluted share, on revenues of $161.0 million. The 2007 second quarter loss compares to a loss of $2.3 million, or $0.03 per fully diluted share, on revenues of $116.8 million in the second quarter of 2006.
For the first six months of 2007, the Company has reported a loss of $3.6 million, or $0.04 per fully diluted share. This compares to the first six months of 2006, when the Company disclosed a net loss of $1.7 million, or $0.02 per share. However, earnings for the first six months of 2006 included $6.9 million of profit from sales of the palladium inventory received in the 2003 Norilsk Nickel transaction; that sales program ended during the first quarter of 2006, so there was no comparable earnings contribution this year.
Stillwater Mining Company mines palladium and platinum ("platinum group metals," or "PGMs") from two underground mines located in the Beartooth Mountains of south-central Montana. The Company's mines produced about 133,100 ounces of PGMs during the second quarter of 2007, well below the 148,700 ounces produced in the second quarter last year. Production at the Company's Stillwater Mine was affected by lower productivity, workforce attrition following a schedule change, ground conditions and mechanical problems with new underground mining equipment. Production at the East Boulder Mine, on the other hand, was about as expected.
During the second quarter the Company had entered into negotiations to renew the contract with its union workers at the Stillwater Mine and Columbus metallurgical operations. Operations continued throughout the second quarter, but productivity was affected as negotiations proceeded. A final contract was not reached until after a seven-day work stoppage in July. The new four-year labor agreement provides for an immediate 3% wage increase for miners and a 4% increase for other employees as well as wage increases in subsequent years of the agreement. Other provisions include additional vacation days, some added flexibility for employees in scheduling days off, and an emergency leave program for probationary employees.
The lower second quarter 2007 production was partially offset by higher average sales realizations on the mined ounces -- $506 per ounce in this year's second quarter, up from $484 in the same period last year.
The Company's smelting and refining facilities in Columbus, Montana process mined concentrates and recycle catalyst materials received from third parties. The Company recycled a total of 93,100 PGM ounces through the smelter and refinery during the second quarter 2007, up 5.7% from the 87,900 ounces recycled during the same period last year. Recycling activities contributed about $6.0 million to the Company's operating margin (before corporate overhead and financing charges) during the second quarter of 2007, compared to about $1.6 million in the second quarter of 2006. The improved performance is primarily attributable to higher realized prices for PGMs and the timing of inventory flows in last year's second quarter.
Commenting on the Company's second quarter 2007 operating results, Francis R. McAllister, Stillwater Chairman and CEO, said; "Although we are dissatisfied with this year's second-quarter and year-to-date performance, on balance we are encouraged with the continuing progress toward the Company's underlying strategic goals. The developed state of the mines continues to advance and the transformation toward more selective mining methods continues, improving the long-term economic viability of our operations. We regard progress toward these initiatives as ultimately much more significant than quarter-to-quarter fluctuations in performance. Earnings, particularly when viewed on a quarterly basis, probably will remain volatile for some time yet. However, through these strategic operating initiatives, we see the opportunity to strengthen longer-term financial performance, ultimately increasing the value of our assets."
McAllister added: "Mine production in this year's second quarter was well below plan at 133,100 ounces, and also well below the 148,700 ounces produced during the second quarter last year. Breaking this down further, Stillwater Mine's second quarter production decreased by about 15,000 ounces compared to last year, while East Boulder Mine production was approximately 1,000 ounces below a year ago, but essentially on plan. The decrease at East Boulder was anticipated, as that mine currently is most affected by the transition from bulk mechanical mining methods to more selective methods."
"Regarding the Company's full-year production outlook, we previously provided 2007 production guidance in the range of 615,000 to 645,000 ounces. Given the changes in circumstance during the second and third quarter, this guidance must be revised During July we reported that, following the union's rejection of a proposed new labor agreement, on July 11 the workforces at the Stillwater Mine and Columbus processing facilities began a strike. Although agreement on a new contract proposal was reached fairly quickly and employees returned to work on the evening of July 17, the effect was the loss of about seven days' production at the Stillwater Mine. In view of the strike loss and the weak second-quarter production at Stillwater, we have now reduced the Company-wide production guidance for full-year 2007 to between 555,000 and 585,000 ounces."
Elaborating a little further on the second quarter 2007 production shortfall at the Stillwater Mine, McAllister noted, "Clearly the strike and its related impact on production at the Stillwater Mine, while significant, is largely a one-time event. The new contract has now been ratified and the employees are back to work. Likewise, the challenges with ground conditions and the mechanical problems with performance of the new underground equipment at the mine have now been addressed and hopefully are behind us. The attrition issue, however, deserves some additional discussion.
"Several factors appear to have contributed to employee attrition rates in the second quarter. Earlier this year, the Company resolved to address two major cost areas that have escalated recently far faster than general inflation -- employee benefits and mining contractor rates. By changing our work schedules at the Stillwater Mine, the Company increased the average workweek from 35 hours to about 42 hours. This has allowed us to reduce the average hourly benefit cost without cutting benefits at all, and also reduced the need for contractor support. We were aware that this change in schedule would result in losing some employees, since the prior schedule made it possible to work in Montana and commute to a home elsewhere. We in fact did see this loss. We also saw some additional attrition in May and June that appeared to be related to the then impending labor negotiations, and from some others who preferred the previous work schedule. The attrition has reduced mine production to some extent, but also has reduced total mining costs.
"The lower productivity experienced during this year's second quarter is attributable at least in part to the distraction of labor negotiations. However, in conjunction with recent attrition, the average experience level of our workforce has also declined, as some more seasoned miners have left and a growing percentage of the mining workforce is derived from our internal miner training programs. The result may be a period of reduced overall productivity until these newer miners gain more experience. Our updated production guidance for 2007 attempts to take this into account.
"The Company's total cash costs per PGM ounce produced(1) averaged $320 in the second quarter of 2007, down slightly from $322 in last year's second quarter. Some of this cost variation is attributable to earnings from recycling and byproduct sales, which we treat as an offset against total cash costs. Our initial guidance for 2007 full-year total cash costs was between $295 and $315 per ounce, with cost performance expected to be weaker in the first half of 2007. Despite our reduced production forecast for 2007, we still feel that our earlier guidance for 2007 total cash costs per ounce is appropriate."
Regarding the Company's mine transformation efforts, McAllister reported, "Operationally, progress continued on our mine transformation program during the second quarter of 2007. Safety and environmental performance were both excellent during the quarter. Engineering design work moved forward for the second smelter furnace in Columbus, Montana. As noted last quarter, we believe this furnace, once in operation, will increase our processing capacity, and provide a strategically critical back-up facility during scheduled or unscheduled furnace outages. We expect the new furnace to be operational by the end of 2008. Total production from captive cut-and-fill stopes decreased modestly during the quarter to 607 tons per day from 703 tons per day during the first quarter of this year. We expect the share of production from captive cut-and-fill stopes to gradually increase during the remainder of 2007. Production from ramp and fill mining in the Upper West area of the Stillwater Mine also increased to an average of 288 tons per day in the second quarter, up from 250 tons per day for the first quarter of this year. Our manpower training efforts to date remain on track to graduate about 100 new miners during 2007."
Regarding the Company's other strategic initiatives, Mr. McAllister commented, "Another of Stillwater's corporate objectives is to expand market demand for its primary products. Early last year, we established an industry palladium trade organization, the Palladium Alliance International (PAI). Since then, the Company has channeled most of its efforts to develop and broaden markets for palladium through the PAI. The Alliance's objectives include establishing palladium's jewelry market presence as a specific elegant brand of precious metal, distinct from platinum and white gold, and instituting a system of standards for use of the palladium brand that will emphasize palladium's rarity and value. The Alliance sponsors technical articles in jewelry trade publications illustrating methods of fabricating palladium jewelry, maintains a website with information on palladium suppliers and retailers ( http://www.luxurypalladium.com), organizes informational presentations at industry trade shows and provides image advertising in critical jewelry markets. To date in 2007, the Alliance has funded several new palladium commercial spots for presentation in major Chinese cities, and participated in an effort to broaden and unify market development efforts among palladium producers and fabricators.
"We also are undertaking to diversify the Company's asset base. This is a multi-faceted effort. We are continuing our efforts toward growing the volume of the Company's recycling operations, reducing the degree of financial dependence solely on performance of the Company's mines in each period. Addition of the second smelter furnace is intended to support this objective by accommodating the expansion of both mining production and recycling volumes over the next several years, as well as creating opportunities to improve metal recoveries.
"As we announced previously, late last year the Company invested $1.9 million to purchase approximately an 11% interest in Pacific North West Capital Corp., a Canadian exploration company with substantial exploration expertise that has identified several promising PGM targets. Exploration efforts are proceeding there and the Company invested an additional $0.7 million in the second quarter of 2007. Also, on July 3, 2007, the Company finalized its investment of $1.5 million in Benton Resource Corp., another Canadian exploration company, providing Stillwater with an attractive opportunity for future participation in Benton's Goodchild Project as well as an equity interest in Benton itself.
"As I have commented before, these investments in generative exploration projects are inherently long-term and fairly speculative in nature, but are intended to build a portfolio of attractive opportunities for the future. We also are evaluating various later-stage mineral development projects and operating properties to identify those that might offer good investment value and mesh with Stillwater's corporate expertise. We are proceeding deliberately in these growth and diversification efforts.
"In summary," McAllister concluded, "despite a disappointing quarter, we feel the Company is still on track toward reaching its strategic objectives."

Among stocks, platinum producer Stillwater Mining (SWC) reported a loss of 3 cents a share for the second quarter, even with its losses for the same period a year ago. The company said labor negotiations during the recent period affected its results.

SPOKANE, Wash., Aug 09, 2007 (BUSINESS WIRE) -- Gold Reserve Inc. (CA:GRZ) (GRZ: gold resv inc cl a) will hold a conference call to discuss 2007 second quarter results on Monday, August 20, 2007 at 4:30 p.m. Eastern daylight time (1:30 p.m. Pacific daylight time).
Anyone interested in participating in the call should dial 800-884-5695 if calling within Canada or the United States; if calling internationally dial 617-786-2960. The participant passcode is 89200167.
Gold Reserve Inc. is a Canadian company, which holds the rights to the Brisas gold/copper project and the Choco 5 gold exploration property in Bolivar State, Venezuela.
SOURCE: Gold Reserve Inc.

GOLDEN, Colo., July 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to announce an increase of approximately 34% in its estimate of mineralized material at its Briggs Mine in Inyo County, California. This increase results from interpretation of new drilling associated with the underground Goldtooth structure. Total in-place mineralized material in the high grade Goldtooth zone is 0.8 million tons at a grade of 0.215 ounces per ton of gold (opt) based on a cutoff grade of 0.10 opt. This high grade zone is surrounded by a blanket of lower grade material, totaling 4.2 million tons at a grade of 0.049 opt using an internal cutoff grade of 0.02 opt. Mineralized material outside of the Goldtooth zone and around the existing open pits totals 22.0 million tons at a grade of 0.022 opt at a cutoff grade of 0.01 opt. Total in-place mineralized material from all sources quoted above at Briggs is 27.0 million tons at a grade of 0.031 opt. A reserve estimate of 130,000 ounces for the open pit and underground was previously announced for the Briggs Mine. A new reserve estimate will be completed over the next three to four months based on this larger estimate of mineralized material. The Briggs Mine has been operated by Canyon as an open pit heap leach gold mine since 1996, producing more than 555,000 ounces of gold.
"The Goldtooth structure continues to prove its potential as a significant source of gold mineralization. This new mineralized material estimate, combined with past production and our previously announced estimates of mineralized material for Briggs and its satellite deposits, clearly demonstrates that the Briggs mining district has multi-million ounce potential," states James Hesketh, President & CEO. "We are thrilled with these latest findings and are excited by the potential size of the underground structure," he added.
Canyon is currently seeking bids from mining contactors to develop an adit into the Goldtooth structure to test mining conditions, ore control methods, and to provide additional geologic information. To conserve costs, the adit would be developed from the bottom of the existing Goldtooth open pit. Additional exploration drilling on the Goldtooth structure is planned and underground mine design is underway. Material mined by both open pit and underground methods would be processed utilizing existing low cost heap leach and plant facilities. To finance these operations, Canyon is considering inquiries from potential strategic partners and sale of non-core property and equipment assets.
The Goldtooth Fault is a major north-south trending high angle structure that has been mapped for more than 10,000 feet of strike length in the Briggs project area. Approximately 4,900 feet of the southern extent of this structure has been tested by drilling and the zone remains open for extension both along strike and down dip. This increase in mineralized material is the result of a 16,025 foot drill program on the Goldtooth structure completed in late February 2007. Both high grade and surrounding low grade gold mineralization associated with the Goldtooth structure was modeled using wireframe and geostatistical methods typical to underground resource estimation. True width of the high grade zone is between five and 20 feet and low grade mineralization surrounding this zone adds to this width.

Mineralized Material Summary for Underground Goldtooth Structure

Cut-Off Gold Tons x
Classification Grade Tonnage Grade Grade
(opt) (opt) (Ounces)

High Grade Measured 0.10 60,000 0.205 12,400
High Grade Indicated 0.10 285,000 0.227 64,500
Total High Grade M&I 0.10 345,000 0.223 76,900

Low Grade Measured 0.02 341,000 0.046 15,700
Low Grade Indicated 0.02 1,279,000 0.045 57,500
Total Low Grade M&I 0.02 1,620,000 0.045 73,200

Total Measured & Indicated 1,965,000 0.076 150,100

High Grade Inferred 0.10 426,000 0.209 89,000
Low Grade Inferred 0.02 2,563,000 0.051 131,600
Total Inferred 2,989,000 0.074 220,600

Estimate of Open Pit Mineralization Material at the Briggs Mine Deposit
Outside the Goldtooth Underground Model

Cut-Off Gold Tons x
Classification Grade Tonnage Grade Grade
(opt) (opt) (Ounces)

Measured 0.01 5,548,000 0.024 130,500
Indicated* 0.01 12,309,000 0.021 251,900

Measured + 0.01 17,857,000 0.021 382,400
Indicated
Inferred 0.01 4,175,000 0.022 93,400

* Note: NBR underground mining is deducted from indicated

These estimates do not represent an economic reserve as a mining plan and an economic feasibility study has not been completed. Gold ounces are displayed as a product of tons and grade for display purposes and do not represent economic potential.
Assay analyses were performed by ALS Chemex of Sparks, Nevada, using a 30 gram fire assay with AA finish. The drilling, assay program and geologic interpretation have been performed under the direction of Mr. Bill Fleshman, PGeo, AUSIMM, as a qualified person. The technical report, "Briggs Mine Underground Project, Inyo County, California," dated July 26, 2007, was authored by Mr. Timothy J. Carew, P. Geo of Reserva International LLC of Reno, Nevada.
For additional information on Canyon Resources and to access the full content of this technical report, please visit our website at http://www.canyonresources.com.

Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms in this
release, such as "measured," "indicated," and "inferred" "resources," that
the SEC guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC.

This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934 as amended. Such
forward-looking statements include, among others, feasibility studies for
the Briggs and Reward projects, mineralized material estimates, drilling
capability and the potential reopening or expansion of the Briggs Mine.
Factors that could cause actual results to differ materially from these
forward-looking statements include, among others: the volatility of gold
prices; potential operating risks of mining, development and expansion;
the uncertainty of estimates of mineralized material and gold deposits;
and environmental and governmental regulations; availability of financing;
the outcome of litigation, as well as judicial proceedings and force
majeure events and other risk factors as described from time to time in
the Company's filings with the Securities and Exchange Commission. Most of
these factors are beyond the Company's ability to control or predict.

FOR FURTHER INFORMATION, CONTACT:

James Hesketh, President and CEO (303) 278-8464
Valerie Kimball, Investor Relations (303) 278-8464
http://www.canyonresources.com

SOURCE Canyon Resources Corporation

* Canyon Resources Boosts Estimate By About 34% >CAU

DENVER, Aug 01, 2007 /PRNewswire-FirstCall via COMTEX/ -- Vista Gold Corp. (VGZ: vista gold corp com new) (TSX) is pleased to announce the promotion of Mr. Frederick H. Earnest to President and Chief Operating Officer effective August 1, 2007. Mr. Earnest and Gregory G. Marlier, Chief Financial Officer, will continue reporting to Mike Richings, Chief Executive Officer. Mr. Richings, who prior to the promotion of Mr. Earnest, also held the title of President, will focus his efforts on corporate planning and strategy. Mr. Earnest joined Vista in September 2006 as Senior Vice President, Project Development, and has over 20 years previous experience in the mining industry, including the management of the development and operation of gold mines. The management change reflects Vista's increasing emphasis on the development of its most advanced gold projects: Paredones Amarillos, Mt. Todd and Yellow Pine.
Mike Richings, Vista CEO, commented, "Since joining Vista, Fred has demonstrated excellent management and executive skills, appropriate to his new position. The increasing management demands of developing three major projects necessitate the change and will allow me to focus on potential growth and value-adding opportunities for the Corporation."
About Vista Gold Corp.
Since 2001, Vista has acquired a number of discovered gold projects with the expectation that higher gold prices would significantly increase their value. As gold prices have risen, Vista has completed various preliminary evaluations that have demonstrated that some of the projects would be potentially viable operations at today's gold prices. Currently, Vista is undertaking technical programs to bring the most advanced projects to the point where decisions can be made to put these projects into production, either by Vista, or through sale or joint venture to other mining companies. Vista's holdings include the Paredones Amarillos and Guadalupe de los Reyes Projects in Mexico, Mt. Todd Project in Australia, Yellow Pine Project in Idaho, Awak Mas Project in Indonesia, Long Valley Project in California, and the Amayapampa Project in Bolivia.

* Vista Gold Corp. Announces Appointment Of Pres And Chief Operating Officer

COEUR D'ALENE, Idaho, Aug 01, 2007 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE: Coeur d'Alene Mines Corporation) (CA:CDM) will report its second quarter 2007 results on Wednesday, August 8, 2007 before the New York Stock Exchange opens for trading. There will be a conference call that day at 1:00 p.m. Eastern time.

Dial-In Numbers: (866) 853 - 4681 (US and Canada)
(660) 422 - 4718 (International)

Conference ID: 11745658

The conference call and presentation will also be web cast on the company's web site http://www.coeur.com.
Hosting the call will be Dennis E. Wheeler, Chairman, President and Chief Executive Officer of the company, who will be joined by James A. Sabala, Executive Vice President and Chief Financial Officer, and other members of management.
A replay of the call will be available through August 15, 2007. The replay dial-in numbers are (800) 642-1687 (US and Canada) and (706) 645-9291 (International) and the access code is 11745658. In addition, the call will be archived for a limited time on the company's web site.
Coeur d'Alene Mines Corporation is one of the world's leading primary silver producers and has a strong presence in gold. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada and Tanzania.

Coeur d'Alene Mines (CDE): "I have never been a fan of Coeur d'Alene. They always issue a lot of stock. They never seem to go anywhere.

Cramer was bearish on Coeur d'Alene Mines (CDE).

BILLINGS, Mont., Aug 03, 2007 /PRNewswire-FirstCall via COMTEX/ -- STILLWATER MINING COMPANY (SWC: Stillwater Mining Company) will discuss its 2007 Second Quarter Results during a conference call Tuesday, August 7, 2007. The conference call will be at 12:00 p.m. (noon) Eastern Time.
Dial-In Numbers: (888) 428-4473 (U.S.)

(612) 288-0329 (International)

The conference call will also be simultaneously webcast on the Company's website http://www.stillwatermining.com in the Investor Relations Section.
A replay of the call will be archived on the Company's website and available by telephone replay, which is scheduled to begin on August 7, 2007 at 3:30 p.m. Eastern Time through Tuesday, August 14, 2007, ending at 11:59 p.m. Eastern Time. The replay dial-in numbers are (800) 475-6701 (U.S.) and (320) 365-3844 (International) and the access code is 882957. The call will be archived on the Company's web site in the Investor Relations Section under Presentations.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining Company can be found at its website: http://www.stillwatermining.com.
SOURCE Stillwater Mining Company

Operating Profit Increases 6 Per Cent to R1.95 Billion (US$274 Million) Generating Net Earnings of R528 Million (US$74 Million)

JOHANNESBURG, South Africa, August 1, 2007 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited (GFI: gold fields ltd new sponsored adr) today announced net earnings for the June 2007 quarter of R528 million compared with R370 million in the March 2007 quarter and R645 million for the restated June quarter of 2006. In US dollar terms net earnings for the June 2007 quarter were US$74 million compared with US$52 million in the March 2007 quarter and US$101 million for the restated June quarter of 2006.
June 2007 quarter salient features:
- Attributable gold production increased 3 per cent to 1,015,000 ounces;
- Average gold price increased marginally to R152,825 per kilogram and increased 3 per cent in US dollar terms to $670 per ounce;
- Total cash costs and operating margin were similar at R92,273 per kilogram (US$405 per ounce) and 38 per cent respectively.
Financial year salient features:
- Attributable gold produced of 4.02 million ounces for the year compared with 4.07 million ounces in the previous year;
- Total cash costs at US$376 per ounce up 14 per cent due to significant commodity price and labour cost increases;
- Earnings increased 53 per cent from R1,544 million to R2,363 million and from US$241 million to US$328 million;
- R20 billion acquisition of South Deep completed, together with successful equity raising to meet funding requirements and to retire legacy gold derivative;
- Growth and life extension projects of R6 billion commenced at Tarkwa, Driefontein and Kloof.
- Cerro Corona progressing as scheduled with first concentrate shipment scheduled for the March 2008 quarter.
Final dividend number 67 of 95 SA cents per share, giving a total dividend of 185 SA cents per share for the year.
Ian Cockerill, Chief Executive Officer of Gold Fields, said:
"Gold Fields has delivered an improved set of results for the June quarter with attributable production increasing 3 per cent to over 1 million ounces. All of the production increases emanated from the South African operations despite a number of holiday interruptions during the quarter while the international operations maintained production levels. We were pleased to maintain unit costs for the quarter despite ongoing input cost pressures. A marginal improvement in the rand gold price received together with the higher production, resulted in revenue increasing 2 per cent to R5.1 billion and operating profit improving 6 per cent to just under R2 billion.
For financial 2007 profitability increased despite stable production and the challenges faced with rising costs across the industry. Revenue increased 35 per cent, operating profit increased 51 per cent and earnings remained robust with a 53 per cent increase. This strong financial performance is indicative of the leverage that an unhedged gold company, with a portfolio of quality assets, can provide in a rising gold price environment. The quality of our asset base remains key to being able to consistently deliver robust returns to our shareholders through the cycle.
Financial 2008 will be a year of consolidation, bedding down the recent South Deep transaction, bringing to account the Cerro Corona project and addressing our investment in Venezuela. Increasing production and adherence to cost control is fundamental to our shareholders so that they see the benefit of a higher gold price in improved earnings growth."
The full results are available on the Gold Fields website: http://www.goldfields.co.za
SOURCE Gold Fields Limited

JOHANNESBURG, South Africa, July 31, 2007 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited ("Gold Fields") (NYSE: JSE, DIFX: GFI) is pleased to announce that Willie Jacobsz has been appointed to head up Investor and Media Relations for Gold Fields in North America.
Ian Cockerill, Chief Executive Officer of Gold Fields said: "Over the past year Gold Fields' shareholder base in North America has seen significant growth, to the extent that more than half of our shareholders now reside in that market. Because of the growing importance of the North American markets to Gold Fields, we have decided to redeploy Willie to North America. He is a seasoned Gold Fields executive with an intimate knowledge of the Company and well-known in that market."
Willie has been with Gold Fields for 18 years, and a member of the Group Executive Committee, heading up Corporate Affairs and Investor Relations, for the past six years. Since the start of 2007 he headed up Sustainable Development and Corporate Affairs.
As a consequence of this move Jacobsz will relinquish executive responsibility for the Corporate Affairs portfolio to Nerina Bodasing, who will also retain her current portfolio as Group Head of Investor Relations.
Willie, who will retain executive responsibility for the Group's Sustainable Development Portfolio, will be based in Boston.
http://www.goldfields.co.za
SOURCE Gold Fields Limited

Gold Fields (GFI) reported earnings of $74 million for the three months ended June 30 compared with $101 million a year ago.

JOHANNESBURG, Aug 01, 2007 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI), the world's fourth-largest gold producer, Wednesday said it expects production from its Choco 10 mine in Venezuela to hit 15,000 troy ounces in the July-Sept. period after output was crimped in the previous three months by a strike and water shortages.
Production fell to 7,400 ounces in the three months to the end of June from 8,200 ounces in the previous quarter, while total cash costs jumped to $912 an ounce from $575/oz.
Glen Baldwin, head of the company's international operations, told analysts during a conference following the release of Gold Fields' fourth-quarter results that cash costs were set to improve in the current quarter.
Baldwin added the mine should drive production up to above20,000 ounces by the third quarter (Jan.-March).
Gold Fields said that total mill throughput for the fourth quarter decreased to 147,000 metric tons from 191,000 tons due to the water shortage. However, the water problem abated at the end of June with significant rainfall providing water to a dam and ground water for a series of water wells.
Almost 400 of the 520 mineworkers were on strike for almost three weeks during the previous quarter in a wage dispute that has since been resolved.
Gold Fields acquired the Choco 10 mine and surrounding concessions located in the El Callao district of Venezuela with the purchase of Bolivar Gold Corp., which became effective in March 2006.
The mine began production in August 2005 with declared reserves of 1.2 million ounces, and Gold Fields on its Web site said it is in the initial ramp-up stage toward its design capacity of 1.9 million tons of ore processed a year.
Company Web site: http://www.goldfields.co.za/

Right now the fund has an uncharacteristically large allocation to large-cap stocks, with stalwarts Newmont Mining (NEM ) and Barrick Gold (ABX) taking the first two slots after bullion, each making up 9% of the overall value. Other top holdings include Gold Fields (GFI), Newcrest Mining and AngloGold Ashanti (AU), all firms with substantial market caps.

Richmont Mines Announces Second Quarter Gold Sales Increased 28% While Cash Costs Declined $147 per Ounce
- Net earnings of $8.8 million, or $0.36 per share.

MONTREAL, QUEBEC, Aug 02, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com) reports financial and operational results for its second quarter which ended June 30, 2007. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.
Net earnings of $8,811,511, or $0.36 per share, for the three-month period driven primarily by the $7.5 million pre-tax gain realized on the sale of East Amphi, a strategic asset sale for the Company. These results compare with net earnings of $473,951, or $0.02 per share for the same period in 2006. Mining operations before depreciation, depletion and taxes yielded earnings of $5.0 million during the second quarter of 2007, up over 400% compared with $1.2 million during the same period in 2006. The increase was driven by higher production, a 28% drop in the average cash cost per ounce relative to 2006, and a 6% increase in the average selling price per ounce.
Total revenue rose by $10.6 million during the three-month period ended June 30, 2007, relative to the same period in 2006 to reach $20.1 million, of which $7.5 million was related to the East Amphi property sale. Precious metals revenue was $12.2 million, up 35% driven by increased gold sales at a higher average price per ounce.
Additional Highlights
- Beaufor Mine realized an average recovered grade of 9.83 g/t from 39,874 tonnes of processed ore. The higher grade lowered cash cost per ounce to US$363. Sales at Beaufor were 12,597 ounces of gold at an average price of US$642 per ounce.
- Island Gold is expected to commence commercial production in September. First long hole stopes are anticipated to be ready by mid-August.
- Beaufor Mine operations on hold for half of July and August for headframe replacement.
- High-definition helicopter-borne spectrometric and magnetic VLF survey of Valentine Lake resulted in several high quality targets.
Island Gold Property
During the second quarter of 2007, 44,261 tonnes of mineralized material were processed at the Island Gold mill, and a total of 7,927 ounces of gold were sold during the same period at an average price of US$644 per ounce. The $5.8 million in proceeds from these gold sales were applied against the development charges on the property, in accordance with applicable accounting standards. During the second quarter of 2006 exploration and development investments of $6.2 million were made at the project.
As previously reported, on April 30, 2007, the Company received from the Ministry of Northern Development and Mines of Ontario a notice of acceptance of the closure plan that will allow for mining production at the Island Gold project. Long-hole drilling crew mobilized on site at the end of the quarter, and the first long hole stopes are expected to be ready for production in mid-August. The processing of mineralized material continues, and the Company anticipates achieving commercial production status by early September 2007.
As previously reported, the results of the calculation of reserves was completed by the independent firm Genivar and a technical report prepared according to the requirements of Regulation 43-101 was filed on SEDAR on May 25, 2007. Genivar assessed the proven and probable reserves at 1,013,854 tonnes of ore at an average diluted grade of 8.55 g/t, for a total of 278,711 ounces of gold at the Island Gold project, representing more than four years of production. In addition to the reserves, a total of 454,705 tonnes at an average grade of 10.26 g/t, or 149,972 ounces of gold were categorized as measured and indicated resources, while inferred resources were evaluated at 610,728 tonnes at a grade of 9.96 g/t, or 195,549 ounces of gold.
Beaufor Mine
During the second quarter of 2007, 39,874 tonnes of ore from the Beaufor were processed at an average recovered grade of 9.83 g/t, and 12,597 ounces of gold were sold at an average price of US$642 per ounce. For the second quarter of 2006, 40,057 tonnes of ore at an average recovered grade of 5.36 g/t were processed, and 6,903 ounces of gold were sold at an average price of US$617 per ounce. The improvement in the average grade is primarily responsible for the reduction in the cash cost of production per ounce, which fell from US$566 during the second quarter of 2006 to US$363 for the same quarter of 2007.
Improvements in productivity, refocused operations and improved mining plans made during the fourth quarter of 2006 are driving improved results at Beaufor. The sectors mined since the beginning of 2007 are the Company's best-known sectors located near the Beaufor fault and are demonstrating very encouraging results for continued production.
Richmont has continued its $1.5 million exploration program at Beaufor. It is probing structures to the south and north of the mine to uncover potential new faults that may contain gold-bearing zones. In addition, there was drilling efforts to define the magnitude of the extensions of the two main zones of the deposit. Of the 20,000 metres of drilling planned for 2007 under the exploration program, 6,648 metres were completed during the second quarter of 2007, for a total of 12,190 metres since the beginning of the year. The Company invested an amount $848,555 under the program on drilling work during the first half of 2007.
As to mining operations, following an examination of the headframe structure of the Beaufor Mine, the Company initiated in June 2007 a project to replace the existing wooden structure, which dates back to the early 1980s. As a result, operations were shut down on July 13, 2007 and are expected to restart in mid-August. The capital project is estimated to be approximately $850 thousand. As a result of the shut down, third quarter production and sales results from this mine will be lower than the second quarter.
East Amphi Mine
During the second quarter, 37,878 tonnes at an average recovered grade of 3.32 g/t from the East Amphi Mine were processed, and 4,043 ounces of gold were sold at an average price of US$664 per ounce. For the same period in 2006, 56,876 tonnes of ore at an average recovered grade of 3.34 g/t were processed and yielded 6,100 ounces of gold, which were sold at an average price of US$607 per ounce. The cash cost of production was US$431 per ounce in 2007, compared with US$483 per ounce in 2006. Lower costs were the result of a reduction in development and preparation of stopes as reserves were depleted at the mine. As planned, production at East Amphi was ceased in June 2007. The remaining tonnes of ore were processed in July, and the gold produced will be sold during the third quarter of 2007.
On June 29, 2007, the Company concluded the sale of the East Amphi property and some surface buildings to Osisko Exploration Ltd. as previously announced.
Other properties
During the second quarter of 2007, Richmont Mines completed the drilling programs at the Francoeur and Wasamac properties which cost approximately $134,313 in the first half of 2007. The work completed on the Francoeur property consisted of three drill holes totalling 745 metres, while the work completed at the Wasamac property was 435 metres from two drill holes. The resulting data is currently being analysed, therefore no results are currently available.
During the first half of 2007, the Company launched a large exploration program at Valentine Lake in Newfoundland in order to define new resources and to acquire a 70% interest in the property through a final commitment of approximately $1,000,000 in exploration that must be made before October 31, 2007. During the six-month period ended June 30, 2007, expenses of $238,396 were incurred. A high-definition helicopter-borne spectrometric and magnetic VLF survey was performed during the month of June 2007 which defined numerous targets with high mining potential. Diamond drilling is set to start in the first week of August 2007.
During the second quarter of 2007, drilling of three holes totalling 1,366 metres was completed at the Camflo Northwest property. Results are currently being analysed. This work enables Richmont Mines to acquire an additional 30% interest in the Camflo Northwest property for a total interest of 80%.
Six-Month Review
For the six-month period ended June 30, 2007, the Company achieved net earnings of $9,137,514, compared with net earnings of $1,154,398 for the same period in 2006. The sale of the East Amphi property at the end of the second quarter of 2007 contributed to the increase in net earnings. Mining operations before depreciation, depletion and taxes yielded earnings of $7,436,783 during the first six months of 2007, compared with $1,193,046 during the same period in 2006, as a result of higher gold sales, a 12% increase in the average selling price per ounce and a 21% drop in the average cash cost per ounce relative to 2006.
Total revenue rose by $12,858,457 to reach $30,448,437 during the six-month period ended June 30, 2007, relative to the same period in 2006, due to the sale of the East Amphi property, to an increase in gold sales at a higher average price per ounce and a lower production cash cost.
Island Gold development: During the six-month period ended June 30, 2007, some 79,184 tonnes of mineralized material were processed, and a total of 15,829 ounces of gold were sold during the same period at an average price of US$653 per ounce, for proceeds of $11,681,215 which were applied against development charges on the property in accordance with applicable accounting standards. During this period, 6,992 metres of drilling were completed and 2,346 metres of underground development was completed.
For the six-month period ended June 30, 2007, the project had $1.2 million net of gold sales invested for development exploration. An investment of $10.5 million was made in the same period in 2006.
Beaufor Mine production: During the six-month period ended June 30, 2007, 69,574 tonnes at an average recovered grade of 8.41 g/t were processed, and 18,808 ounces of gold were sold at an average price of US$658 per ounce. For the corresponding period in 2006, 85,440 tonnes of ore at an average recovered grade of 5.56 g/t were processed, and 15,265 ounces of gold were sold at an average price of US$593 per ounce. The cash cost of production per ounce declined from US$584 during the first half of 2006 to US$427 during the first half of 2007 as a result of the rise in the average grade.
East Amphi production: During the six-month period ended June 30, 2007, 99,162 tonnes of ore at an average recovered grade of 3.21 g/t were processed, and 10,235 ounces of gold were sold at an average price of US$671 per ounce. For the period from February to June 2006, 89,939 tonnes at an average recovered grade of 3.41 g/t were processed, yielding 9,846 ounces of gold, which were sold at an average price of US$590 per ounce. The cash cost of production for this period was US$450 compared with US$496 for the same period last year.
Outlook
Mr Rivard concluded, "Considering the significant improvement at the Beaufor Mine, the planned advancement to commercial production of Island Gold in the next month, and the Company's strong financial position with working capital of over $35 million, we believe Richmont Mines should have strong results in 2007 and beyond. We are actively exploring our properties to build our reserve base in order to expand our production potential. In addition, we are actively pursuing advanced projects that we can participate in that will benefit from our extensive underground mining experience."
Martin Rivard
President and Chief Executive Officer
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced closed to 1,000,000 ounces of gold from its holdings in Ontario, Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.